A new state law and the U.S. Farm Bill sitting on President Donald Trump's desk could bring a gold rush on hemp farming in Michigan.

"The sky's the limit at the moment," said John Kran, national legislative counsel for the Michigan Farm Bureau. "There's a lot more questions than answers right now."

Industrial hemp farming in Michigan is legal as a result of the Michigan Regulation and Taxation of Marihuana Act, which voters passed in November as Proposal 1 to legalize marijuana.

The $867 billion Farm Bill passed by Congress also removes hemp for the list of federally controlled substances. The bill awaits Trump’s signature.

Hemp has been labeled as a controlled substance -- rendering it federally illegal -- since 1970. Changing that designation allows farmers across the country to apply for the same kinds of insurance and financing assistance that they use to cover more traditional crops.

"It's a positive thing that will empower small farms and will give them an alternative crop between corn and soybeans," said Joe Brown, a hemp farmer in Saranac.

Brown has been farming hemp in Michigan under a research grant made possible by a 2014 program. He uses it to make a topical CBD and hemp wellness products for his company, Brown Farmacy.

CBD -- cannabidiol -- is a component in marijuana and hemp that does not produce the psychoactive effects of THC but can relieve stress, anxiety and pain. The market for CBD is fast-growing, and could reach more than $20 billion by 2022, according to the research firm Brightfield Group.

It's one of the reasons interest is high in Michigan in hemp farming.

Brown said he's personally consulting with eight people who want to learn how to grow hemp. Kran said industrial hemp in Michigan could be similar to the hops boom the state saw several years ago -- a crop that drew interest from first-time farmers.

Once the Farm Bill is signed, the U.S. Department of Agriculture in charge of regulating the industrial hemp program. There's plenty to figure out.

A spokeswoman for the Michigan Department of Agriculture and Rural Development said the agency doesn't have much information on how the industrial hemp program would work in the state.

"There is a lot of interest to grow hemp but there is not processing capacity in the state for hemp," said Jennifer Holton, spokeswoman for MDARD. "That's where the rubber meets the road."

Brown said there will be an initial issue for prospective hemp farmers as they look to find a source for their seeds.

"Just like corn or soybeans, you have to have permission to grow hemp," Brown said. "You'll have to have certified seeds. … there will be a hard time for farmers to find clones or seed this year."

Hemp is related to marijuana, but is genetically different and contains 0.3 percent THC or less. From plastics to toilet paper, industrial hemp can be used to manufacture a variety of products -- and it also has therapeutic benefits.

Senate Majority Leader Mitch McConnell, a Kentucky Republican, advocated for the hemp provision in the Farm Bill as a way to help Kentucky farmers.

Brown also farms hemp in Kentucky, where the crop has proven to be lucrative.

"Last year in Kentucky, the price was $5,000 per acre for hemp," Brown said. "Corn was getting $2,100 (per acre) and soy beans was getting $800 (per acre)."

Prices like that won’t last long should the federal Farm Bill be signed, Brown said.

“It will bring the price down for products that are currently being produced, and will increase the amount of products that are being produced overall,” Brown said.